HOUSTON--(BUSINESS WIRE)--Feb. 14, 2005--Transocean Inc.
(NYSE:RIG) today announced that Shell Exploration and Production
Company has awarded a contract and contract extension totaling a
possible $228 million for two of the company's High-Specification
Floaters, the Discoverer Spirit and Deepwater Nautilus.

The drillship Discoverer Spirit received an 18-month contract,
expected to commence in September 2005, in direct continuation of the
rig's current drilling assignment. The semisubmersible rig Deepwater
Nautilus received a 12-month contract extension, expected to begin
during September 2005. Revenues of approximately $148 million could be
generated over the 18-month program for the Discoverer Spirit, while
revenues of an estimated $80 million are possible over the 12-month
contract extension for the Deepwater Nautilus.

The Discoverer Spirit is a dynamically positioned,
Fifth-Generation drillship capable of working in water depths of up to
10,000 feet and is equipped with the company's patented dual-activity
drilling technology, which saves time by allowing drilling tasks to be
performed in parallel, rather than sequentially as with conventional
offshore drilling rigs. The Deepwater Nautilus is a Fifth-Generation
semisubmersible rig capable of working in water depths of up to 8,000
feet. Both rigs entered service in 2000 following their construction
and represent two of the company's 32 High-Specification Floaters, 13
of which are Fifth-Generation deepwater floaters.

Statements regarding contract duration, contract commencement
date, contract revenues, as well as any other statements that are not
historical facts, are forward-looking statements that involve certain
risks, uncertainties and assumptions. These include but are not
limited to operating hazards and delays, actions by customers and
other third parties, the future price of oil and gas and other factors
detailed in the company's most recent Form 10-K and other filings with
the Securities and Exchange Commission (SEC), which are available free
of charge on the SEC's website at www.sec.gov. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those indicated.

Transocean Inc. is the world's largest offshore drilling
contractor with a fleet of 93 mobile offshore drilling units. The
company's mobile offshore drilling fleet, consisting of a large number
of high-specification deepwater and harsh environment drilling units,
is considered one of the most modern and versatile in the world due to
its emphasis on technically demanding sectors of the offshore
drilling business. The company's fleet consists of 32
High-Specification Floaters (semisubmersibles and drillships), 24
Other Floaters, 26 Jackup Rigs and other assets utilized in the
support of offshore drilling activities worldwide. With a current
equity market capitalization in excess of $14 billion, Transocean
Inc.'s ordinary shares are traded on the New York Stock Exchange under
the symbol "RIG."